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I was at a meeting with old client last week who has over 40 years experience on Wall Street and he gave me a good point to share with my customers. He had worked with his clients, managing money and mostly dealing in stocks. He told me that too many of his clients were over concerned about buying stocks within 10% of the bottom and selling them within 10% of the top( Talking about stock prices). His advice to them was to stop concerning themselves with the absolute top or bottom and to focus more on the 80% in the middle.
I think this is a great analogy for many people shopping for a mortgage. Rates are awesome right now and too many people are over concerned with getting the absolute lowest rate. Again, we are talking about prices that move everyday so it is very difficult to time a bottom. I have customers paying over 6.5%, who are sitting and waiting for rates to get lower, when in fact over the last 2 weeks they have gone up. Run the numbers, if 4.75% makes financial sense jump on it and get it done. Don’t miss the boat because you thought you could get 4.5%. It may or may not happen, however you should be more concerned with the majority of the savings you are getting at the 4.75% rather than having rates run up to 5.5% before you could refinance or purchase.
Rates move everyday, That’s right, rates move everyday!!!
If you think you can time a bottom, get in the pit and start trading bonds.
If the numbers work do the loan. Take the advice from a true mortgage professional, think it through and make a decision. By waiting for more you may indeed get less.!